Net-zero Emissions Target

Baroness Bennett of Manor Castle Excerpts

Monday 11th October 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, I respectfully disagree with the noble Lord’s view of the Treasury’s position. I mentioned the emissions trading scheme that was announced earlier this year. We have published the Industrial Decarbonisation Strategy, which sets out the vision for a low-carbon industrial sector by 2050. In March this year we were the first G7 country to agree a landmark North Sea transition to support the oil and gas industry’s transition to clean energy. Through this deal, the sector has committed to cut emissions by 50% by 2030. The Treasury is closely involved in all these initiatives.

[Baroness Bennett of Manor Castle (GP)]

My Lords, I follow on from the question put by the noble Lord, Lord Eatwell, about the polluter pays principle. I am sure the Minister is aware of the International Monetary Fund’s report earlier this month recommending that polluters—fossil fuel companies—should pay for deaths and poor health from air pollution and heatwaves, and for the impact of global heating. This is the International Monetary Fund. Will the Government be following this advice and publishing a road map for when they will get to the point of really making polluters pay?

[Lord Agnew of Oulton (Con)]

My Lords, I repeat that we are moving very fast to decarbonising; we are one of the fastest in the G20, and indeed in the G7. If we push the envelope too hard, we will just see a boomerang of costs going back to consumers. We very much support the aspiration for polluters to pay but it must be done on a sustainable basis.